Business
EY facilitates discussion on Digital Cities at the FITIS Sri Lanka Internet Day 2021 Forum
Ernst & Young (EY) facilitated a timely discussion on Digital Cities as the knowledge partner at the “Sri Lanka Internet Day 2021”, the inaugural virtual event organized by the Digital Chapter of the Federation of Information Technology in Sri Lanka (FITIS) which was held in line with FITIS mandates on digital economy and regional hub and the 7-pillar digital strategy.
Themed Digital inclusion, the forum emphasized the need for citizen engagement in a digital society and its impact on digital inclusion and also discussed about Sri Lanka’s digital strategy, digitalization initiatives and the need to further enhance digital infrastructure to facilitate a digitally empowered ecosystem.
A major highlight of the forum was the discussion on Digital Cities held with the participation of Arjuna Herath Senior Partner and Head of Consulting at Ernst & Young Sri Lanka and Maldives and Amit Midha president, Asia Pacific and Japan and Global Digital Cities of Dell Technologies. The discussion between Herath and Midha provided deep insights on Digital Cities and laid the foundation for Sri Lankans to look forward to the concept, inspired by the digital models implemented by Singapore and other developed countries.
Herath laying the context for the discussion indicated that Cities have been centers for innovation and economic growth since the perennial times and as a result of that, more and more people migrated to cities in search of jobs and luxury lifestyles. He stated that technology has played a key role in the transformation of cities and that has led to the emergence of the Digital City concept. Midha exploring the topic said, “It is a City that thrives in the fourth industrial revolution”. Midha emphasized the fact that data and data related industries are going to be crucial within the next 30 to 40 years and that everyone needs to transform themselves to be successful in the digital sphere. He highlighted that digital jobs can thrive with new concepts such as Work from Home and Sri Lanka has the capacity to build on that. He also stressed on the importance of a Digital City in helping individuals and societies to transform themselves with access to economic growth, better living standards, better healthcare and education, mobility and new job opportunities, etc.
The discussion emphasized how new technology can be used to facilitate the everyday lives of people. The government’s role in this regard was perceived as vital because if necessary policies are implemented and infrastructure is provided, there is enough talent to build on those advantages and come up with new innovations. Midha emphasized that the private sector must join hands in the development efforts by alluding to the fact that ideas from different segments are vital in making progress.
A Digital City is expected to have streamlined services relating to transport, health, education, and all the primary services that people look forward to. The discussion went on to show a clear pathway where Sri Lanka can adapt the Digital City concept in the long run. According to the thoughts shared, safety is the top most priority for a city because if the city is not safe, people will leave that city. The next pillar is to streamline transportation within the city, from the city and into the city. The third pillar is the development of heath care and education which are considered as two of the primary needs of people living in a city. The next important aspect is the government to work as an app, conveniently assisting to fulfil the needs of people. The focus on sustainability, green energy, smart grid and solar was also highlighted as essential aspects in shifting to the concept.
The discussion also highlighted the need to focus on security when dealing with data and data related projects at a time when hacking, cyber-attacks and data thefts are abundant in the world. “In the process of digitizing cities, intrinsic security is a must have and we need to pay more attention to that going forward.” Says Midha.
Mr. Herath spoke about the opening Sri Lanka has in creating a Digital City with the new Port city in the making and the need to embedding the concepts that were discussed when creating the City including the required leadership and policies, operating models and processes and the community and the ecosystem which also need to be considered. Mr. Midha elaborating on this said “There has to be a vision that has to be built. A dream has to be put out there to get citizens buy in. In fact this is how cities take shape. There is plenty of money in the system. People will help make these cities happen. They need to be told what the dream is, how they can happen, then they buy into this, in fact any public project that makes livability better makes prices of all real estate in the city to go up. So, all the folks know that by doing things right, it is a significant economic return. They also want future generations to have better access to infrastructure and live in a better place.”
Providing a comprehensive outlook on Digital Cities, what advantages these cities have in store for the public and what needs to be done in order to shift towards the new concept, the discussion ended after sharing a wealth of knowledge while acting as an eye opener for the authorities to look forward to maximize the available technologies and embrace the Digital City concept.
The government has initiated what could become one of the most significant reforms of Sri Lanka’s social security system in decades by appointing a Senior Officials’ Committee to examine the feasibility of bringing the Employees’ Provident Fund (EPF) and the Employees’ Trust Fund (ETF) under a unified tripartite governance framework representing the government, employers and employees.
Cabinet approval was granted following a proposal submitted by the Minister of Labour. According to Cabinet Spokesman and Minister Dr. Nalinda Jayatissa, the committee has been mandated to study whether the two institutions could operate under a common governance structure based on internationally recognised principles promoted by the International Labour Organization (ILO).
He stressed that the committee has been appointed only to examine the feasibility of the proposal, and no final decision has been taken to merge the two funds.
The official Cabinet statement notes that the EPF, established under the Employees’ Provident Fund Act No. 15 of 1958, has more than 2.5 million members and assets exceeding Rs. 4.9 trillion, making it Sri Lanka’s largest social security fund.
Custody of the fund, investment management, financial administration and payment of benefits are currently handled by the Central Bank of Sri Lanka, while the Department of Labour is responsible for member registration, employer compliance, recovery of arrears and safeguarding employee rights.
The ETF, created under Act No. 46 of 1980, is administered by a tripartite board comprising representatives of the government, employers and employees. It manages assets of approximately Rs. 637 billion and provides coverage to more than 2.5 million active members.
The Cabinet paper highlights that tripartite governance of social security institutions is an internationally recognised best practice and a fundamental principle promoted by the ILO, which forms the basis for examining a common governance model for both funds.
The proposal is expected to attract close scrutiny from the business community, trade unions and financial market participants, given that the combined assets of the EPF and ETF exceed Rs. 5.5 trillion, making them among the country’s largest institutional investors.
Economists note that any governance reforms should strengthen transparency, accountability, professional investment management and public confidence while safeguarding workers’ retirement savings.
By Ifham Nizam
LOLC Microfinance Bank Pakistan, a fully owned subsidiary of the LOLC Group, has strategically relocated its Head Office to Gulberg Greens, Islamabad, marking a significant milestone in its growth journey. As one of the LOLC Group’s largest overseas operations in Asia, the Bank continues to advance financial inclusion and sustainable economic development across Pakistan.
The new Head Office was formally inaugurated in the presence of Chief Guests H.E. Admiral Fred Seneviratne (Retd.), High Commissioner of Sri Lanka to Pakistan, and Mr. Krishan Thilakaratne, Chairman of LOLC Microfinance Bank Pakistan. The ceremony was attended by the Bank’s Board of Directors, senior management and employees, commemorating another important chapter in the Bank’s continued expansion.
LOLC Microfinance Bank Pakistan is a fully-fledged Microfinance Bank regulated by the State Bank of Pakistan, operating through a network of 88 branches and employing over 1,200 staff members across the key cities of Karachi, Lahore, Hyderabad, Faisalabad, Sialkot, Islamabad, Peshawar and Gilgit. The Bank offers a comprehensive range of financial solutions, including business loans, microfinance, vehicle financing, gold loans and other financial products. It currently manages a loan portfolio exceeding USD 70 million and a deposit portfolio exceeding USD 90 million, comprising savings deposits, term deposits and current accounts.
The relocation to the new Head Office reflects the Bank’s expanding operations and its commitment to widening access to responsible financial services for individuals, micro-entrepreneurs and small businesses across Pakistan. In 2026, LOLC Microfinance Bank Pakistan was recognised as Pakistan’s fastest growing Microfinance Bank, highlighting its strong business momentum and growing market presence.
Addressing the gathering, H.E. Admiral Fred Seneviratne (Retd.), High Commissioner of Sri Lanka to Pakistan, stated, “The relationship between Sri Lanka and Pakistan continues to grow through meaningful partnerships such as this. LOLC Microfinance Bank Pakistan is making an important contribution by supporting entrepreneurs, strengthening the SME sector, and expanding financial access where it is needed the most. Institutions like these play a vital role in empowering communities and supporting sustainable economic growth.”(LOLC)
Citizens Development Business Finance PLC (CDB) lit up the CCC Grounds on June 28th, retaining the championship of the MCA T10 Cricket Tournament, further etching its record of being unbeaten and showcasing its signature persona of being determined and unstoppable.
Sealing the title without a single loss in the tournament from the first ball to the final cheer, Team CDB skippered by Tharindu Rathnayaka with Vice Captain Dunith Wellalage, both national players, showcased the calibre of a champion side.
Coached by national player Oshadha Fernando, CDB combined star power with relentless team spirit – the perfect combination of experience and youthful energy. CDB’s performance was not just about individual brilliance but about a collective drive that mirrors CDB’s corporate ethos of perseverance, leadership, and excellence.
The final match against the Abans Group was a fitting climax. Chasing 116, CDB powered to 120/4 in just 8.4 overs, sealing victory by six wickets. Vishad Randika rose to the occasion as Player of the Final. Nuwan Thushara’s consistent bowling prowess, including a hat trick — 2 overs, 11 runs, 4 wickets during the semi-finals — earned him the Best Bowler accolade.
This unbeaten run was more than a cricketing triumph. It was a statement by CDB of its dedication to excellence, which extends beyond financial services into fostering a high-performance culture through sports. The championship reinforced the company’s reputation as a leader in the financial sector while celebrating employee engagement, wellness, and community spirit.
Current El Niño Status in Sri Lanka
A few showers may occur in the Western, Sabaragamuwa and North-western provinces and in Kandy, Nuwara-Eliya, Galle and Matara districts.
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